# Mobile Home Loan Calculator

Using a mobile home loan calculator will help you to figure out exactly what your loan payments will be.  By simply putting in the loan amount, interest and length of the loan you will be able to figure out the total payment due each month for your loan. Try out the calculator below to figure out your payments.

## Mobile Home Loan Calculator

A mobile home loan calculator can be used to figure out what you will pay the bank each month for your mobile home.  This calculation will also work if you are using a land contract.  Again, just put in the amount due, rate, any down payment and your future payment will calculate.

## Mobile Home Mortgage Calculator

Mortgage mobile home loan calculators are important when you are planning and trying to figure out a budget to stay within.  This calculator will help you do just that.

Most loaning departments will approve you for 25% of your income towards the loan payment.  See figures below:

Let’s say you make \$50,000 a year – Divide that by 12 = \$4166.00 / per month

So, you make \$4166.00 roughly per month – Now times that by 25% = \$1041.00

This would be a rough idea of what payment you could afford per month for your mobile home.

TIP:  If you do owe other payments such as auto, credit cards and other expenses those will also factor into your loan approval process.  If possible, pay off any large credit card debt.  I would not recommend closing the cards just paying the balances off or down.

### Manufactured Home Mortgage Loan Calculator

Saving a larger down payment before you purchase the mobile home will also help.  Put different numbers into the calculator its amazing what just a few thousand dollars extra down will do to your payment over the length of the loan.  It will also save you thousands on interest as well.

Once you have a mobile home loan, paying more on the payment does not lower your monthly payment. You typically must refinance to lower your monthly payment after you have committed to the loan.  So, if you have extra funds be sure to use those towards your down payment.

### Adjustable Rates Vs. Fixed Rates

When securing a mobile home loan be sure that you have a fixed rate on your mortgage.  An adjustable rate can change rapidly.  See example below:

Let’s say you secure a 3% loan over 30 years for \$70,000 that has an adjustable rate.

You can easily afford the \$295 per month but then the bank changes your rate to 5% without any warning. Your \$295 just went up nearly \$100 to \$376 per month.

#### Bank Rate Hikes

The problem is the increases might not stop there.  These interest rates can continue to climb and put you into financial hardship quickly.  Don’t let this happen, be sure to lock in with a fixed rate even if you must come up with more of a down payment to make the payment and rate work for you.

### Average Interest Rate on Mobile Home Loan

Be sure to shop around if you are looking for a loan for a mobile home.  You might be surprised at the different rates that are available.  Get an appointment to meet with your local bank manager.  Discuss the home you are looking to purchase and where it is located.  They will want to know if it is in a park or on private land.  They will also be interested in knowing the year, make and model of the home along with the buying price.  All of this will paint a better picture of what type of loan you can qualify for.

### Can I Finance a Mobile Home

Most mobile homes can be financed.  It will depend on the condition and the year of the mobile home.  Also the location if it is in a mobile home park or on private land.

If the mobile home you are interested in purchasing is in a mobile home park then be sure to talk with the park office as well.  Many times they offer some type of financing in the park office.  You will want to check around to see what is your best option.  Don’t commit to any type of loan until you have checked around.  Its good to get at least 3 to 5 different quotes.

### Mobile Home Land Contract

A land contract simply means that the previous owner of the mobile home will finance the home rather than the bank.  So you will pay payments to the owner over the course of the loan.  Be sure you have a contract with the owner rather than just a handshake deal.  You will need a clear understand of the day your payment will be due, where to send the payment and what your interest rate will be for the length of the contract. Land contracts are great as long as both parties agree to the conditions.

### Mobile Home Insurance and Taxes

Another thing to remember is a mobile home has taxes and you will need to insurance your investment.  These can add hundreds of dollars alone to your loan payment.  Learn more about affordable mobile home insurance here.

### Monthly Payment for Mobile Home

Make sure you figure out exactly what you will owe for your mobile home each month.  You do not want any surprises when it comes to committing to payments.  Loan payments are serious and should be taken that way.  Its important to know how long you will be paying for this loan and how much each month.

You will also have to take into consideration lot rent if you are in a mobile home park.  Lot rents and payments on your mobile home can be expensive.  Make sure you can easily afford both.

You may also be interested in our article How Much Housing Can I Afford?

### Mobile Home Financing Calculator

Once you know how much your mobile home is going to cost you can just plug the numbers into the calculator above.  Play around with the numbers.  If you find that your payment is too high maybe you can come up with more money down.  It is possible that you could wait until interest rates come down to purchase the home.

Another option would be to find a cheaper mobile home.  You could even consider buying a used mobile home.    There are many ways to work the numbers and make your payment more affordable.  It is better to plan ahead and get into a payment that you feel comfortable make instead of getting in over your head.

## Mobile Home Loan Calculator: Conclusion

In conclusion, a mobile home loan calculator is great for budget planning.  Whether you are looking to refinance, buy a new or used mobile home or if you are trying to do a land contract.  Knowing your payment ahead of time and making sure you have the funds to cover it will help you in the long run.

## FAQ’s: Mobile Home Loan Calculator

#### How long are most mobile home loans for?

Most mobile home loans typically have loan terms of 15 to 25 years, but some can extend up to 30 years, similar to traditional mortgages.

#### What is the lowest down payment for a mobile home?

The minimum down payment for a mobile home can vary but is generally around 5% to 10% of the home’s purchase price. However, the specific amount depends on factors such as the lender, your credit, and the loan program.

#### Why are mortgage rates higher for mobile homes?

Mortgage rates for mobile homes are often higher due to factors such as the perceived higher risk of default, shorter loan terms, and the fact that mobile homes often depreciate in value over time.

#### What should my credit be to buy a mobile home?

While credit requirements can vary, a good credit score typically starts at 670 or higher for mobile home financing. To secure better loan terms and interest rates, it’s advisable to have a credit score of 700 or above.